The Lyons Company's cost of goods manufactured was $130,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $35,000, the beginning inventory of finished goods must have been__.

The Lyons Company's cost of goods manufactured was $130,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $35,000, the beginning inventory of finished goods must have been__.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 3CE: Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods...

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The Lyons Company's cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $30,000, the beginning inventory of finished goods must have been: a. $20,000 b. $50,000 c. $110,000 d. $150,000
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Schedule of cost of goods sold?